Pavel Muravev Over the last several months we have continually highlighted both the richness of valuations across the income investment landscape as well as the disconnect between these valuations and a clearly slowing macrocycle. Over the last couple of weeks, however, we added a number of new BDC positions. Since BDCs tend to be higher-yielding / higher-beta securities, this move begs the question of why we are adding BDCs in an objectively expensive credit market. In this article, we dissect the reas ...